The Phaya Thai-Ratchathewi neighborhood, has previously developed in the shadows of its illustrious neighbor Siam, Bangkok’s premier “lifestyle hub” host to iconic destinations such as Siam Paragon, Siam Square and Central World.
This proximity to glamorous Siam, became Phaya Thai- Ratchathewi’s main driver of growth and development. Interestingly, its inevitable association as the area next to Siam, allowed a vibrant residential and business community to bloom in the area!
While the benefits of this association still hold true, discounting the meteoric rise of the neighborhood as a result of having Siam next door, would be an oversimplification!
The area is in full-bloom and developing a unique character, with a strong balance of residential and commercial. This has led the Capital’s top consultancies to elevate Phaya Thai- Ratchathewi to Central Business District status; with many property professionals claiming that the area rivals Bangkok’s established business centers such as Silom-Sathorn.
Several factors have contributed to this dynamic shift in the local market dynamics notably:
– Travel and Commuting Convenience
– Offices and Business Community
– Educational Institutions
– Lifestyle and Leisure
Travel and Commuting Convenience
The area is connected via the BTS Green Line (BTS Ratchthewi and BTS Phaya Thai), offering commuters and residents easy access to mass transit. On top of this Phaya Thai is host to the Airport Rail Link terminus (Phaya Thai ARL) that links Central Bangkok to Suvarnabhumi International Airport.
Finally, the neighborhood is also serviced by numerous major road arteries such as Phetchaburi, Si Ayutthaya and Phaya Thai Road. This offers road users an easy and convenient way to shuttle around the city.
Offices and Business Community
The neighborhood, is now regarded a commercial and business hub with several Office Towers and the emergence of co-working spaces. On top of this, the area is still developing its appeal to the business community, with numerous commercial developments in the development pipeline.
This includes The Spring Tower a 27-Floor mixed-used (Retail & Office) development which is currently under construction. Two projects currently in the planning stage include JRK Tower a mixed-used hotel and retail project and the Phaya Thai Complex a retail, office and residential development.
Phaya Thai- Ratchathewi has a unique character, as a residential and hangout hub for students. It is important to note that some of Thailand’s most prestigious educational institutions are located in the area.
This includes, “Triam Udom Suksa” widely regarded as the top secondary school in the country and the established “Chulalongkorn University” Thailand’s best ranked University. Other notable institutions include “Mater Dei School” and the “Wannasorn Tower” a tutor hub.
This wealth of distinguished institutions has pushed parents to rent or purchase condo units in the area, for their children to have easy access to their school campuses!
Lifestyle and Leisure
The neighborhood offers an incredibly diverse lifestyle offering a range of eateries, coffee shops and evening entertainment. Some notable destinations include the King Power Duty Free Mall and Ratchthewi’s Coco Walk a cluster of trendy bars.
On top of this, Phaya Thai- Ratchathewi is sandwiched between Siam with its plethora of retail and leisure venues and Ari a hip and eclectic neighborhood offering Bangkok’s trendiest restaurants, bars and hangout spots.
This combination of factors is inevitably transforming the area and shifting perspectives. If the current rate of development and momentum is maintained, Phaya Thai- Ratchathewi, will inevitably established itself as an inevitable extension of Bangkok’s Central Business District.